Align Talent With Business In Banking Industries

Developing talent is business's most important task - the sine qua non of competition in a knowledge economy. - Peter Drucker

- Rishi Srivastava

Introduction

The development of technology, changing demographics and the fluctuating economic and political situation, have all affected talent and employment. The banking sector is facing certain talent management challenges in the Indian Banking Industries and further afield. The traditional way in which banking in India is changing, and financial institutions that want to stay ahead of the curve must be aware of these trends.

Talent management is the systematic attraction, identification, development, engagement/retention and deployment of those individuals with high potential who are of particular value to an organization. Talent management referring to an organization's effort to attract, select, develop and retain talented key employees. Talent management, which is 'the implementation of integrated strategies or systems designed to increase workplace productivity by developing improved processes for attracting, developing, retaining and utilizing people with the required skills and aptitude to meet current and future business needs.

Talent strategy is the No. 1 priority executives will focus on in coming years. This is substantiated when one considers the business value of designing and executing an optimized talent strategy. The 2020 State of Talent Optimization report published by different agencies in India found a strong correlation between talent optimization and organization performance. In fact, 600 executives across 20 industries revealed that organizations with aligned talent and business strategies are more likely to outperform other organization, retain top talent, see higher employee performance, and achieve strategic success rates of nearly 90%.